I have received a significant amount of bank pay awarded from 2017 in my wages this month. I have emailed my IP with a copy of my payslip and asked for the possibility for me to make use of the funds as my house is in need of some essential repairs and I detailed what exactly needs to be done. When I called today to ask about it, the lady on the phone said that it was with the IP and that he may request a variation. What does this mean? I am on month 46 of my IVA currently.
Under the terms of the standard agreement this money is likely due to be paid to your creditors. To change this and agree to you keeping all or part of the back pay the IP will need to ask the creditors if they are happy to change the agreement ... this is the variation to the terms they are talking about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thu Jul 02, 2020 2:25 pmFoggy wrote:
Under the terms of the standard agreement this money is likely due to be paid to your creditors. To change this and agree to you keeping all or part of the back pay the IP will need to ask the creditors if they are happy to change the agreement ... this is the variation to the terms they are talking about.
Thanks for your reply. Does this mean a whole new creditors meeting etc again? Will it take ages to find out?
Just wondering if every single penny will need to go towards the IVA or will I be able to keep any of it? You would think I would know these answers 4 years in but I can’t find my paperwork from the original agreement and as I’m salaried I never have the issue of having any overtime pay or bonuses etc.
I have seen back pay treated in different ways by different providers, so it would be a case of 'wait and see'. Some firms, these days, are more avaricious than others.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I’m with McCambridge Duffy. Any knowledge of what they might do? Sorry, I know I need to try and be patient but it is so difficult with the money sitting in my bank, it’s actually making me feel anxious.
They are one of the better companies to deal with. Keep pressing them for an answer
Sharing from experiences of dealing with debt
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When I called yesterday, they said they had no idea when I would hear anything and that it could be next week. Even half of it would be fantastic as it would mean I could make the bathroom repairs that need done.
